Grain & Soybean Date: March 05, 2012
Soybeans
Local Elevators:
(March) EAST AR: 1304 to 1332
(NC) Summ. 1259 to 1292
River Elevators:
(March) MISS: 1345 to 1347 ; AR & White 1313
to 1335
(NC) Summ. 1278 to 1300
Ark. Processor Bids: (March) 1323 to 1330
(NC) 1286 to 1289
Memphis:
(March) 1347 to 1352 (NC)
1300 to - - -
Riceland Foods:
(March) Stuttgart 1330 ; Pendleton
1332
(NC) Stuttgart 1289 ; Pendleton
1292
| Chicago Futures: |
March |
down |
9 |
at |
1319 1/4 |
| |
May |
down |
8 |
at |
1325 |
| |
July |
down |
8 |
at |
1332 1/4 |
| |
Aug |
down |
8 1/2 |
at |
1322 |
| |
Nov |
down |
9 |
at |
1289 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed lower for the first time in two weeks, after exceeding 62% retracement objectives. November closed off a dime from the high just under $13. The market remains technically overbought and due a downward correction. However, that will depend on how funds view the market, at this point they continue to add positions, as Chinese demand appears to be solid. Tight soy meal stocks suggest China will remain in the market. Producers should consider this a pricing opportunity with hopes of adding to sales if the market continues higher over the next several weeks.
Wheat
Cash bid for March at Memphis 682 to 686;
| Bids to farmers at Local Elevators |
653-673; |
| River Elevators |
658-693; |
| Chicago Futures: |
March |
down |
3 |
at |
667 3/4 |
| |
May |
down |
2 1/2�� |
at |
672 |
| |
July |
down |
3 1/2 |
at |
682 3/4 |
| |
Sept |
down |
3 3/4 |
at |
697 1/2 |
| |
Dec |
down |
4 1/4 |
at |
712 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
|
Grain Sorghum
Cash bid for March at Memphis 1180 to - - -;
| Bids to farmers at River Elevators |
1118-1145; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
683 3/4 to 685 3/4; |
| |
New Crop at Memphis
596 1/4 to 601 1/4; |
| Bids to farmers at River Elevators |
666 to 681 |
| Chicago Futures: |
March |
up |
7 1/4 |
at |
666 1/4 |
| |
May |
up |
5 3/4 |
at |
660 3/4 |
| |
July |
up |
6 |
at |
662 1/4 |
| |
Sept |
up |
1 3/4 |
at |
606 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were lower today. FAPRI forecasts show both production and carryout a bit larger than USDA’s current estimates, and that created a bearish undertone today. Export demand from the Middle East and dry conditions in the U.S. Southern Plains were supportive. July will have a tough time with resistance at $7 on a rebound.
Corn closed higher with old crop leading the charge. December broke trendline resistance which is a positive. However, current planting projections and crop outlooks would limit upside. Weather impact on planting will be a key to how much the market rises. The next resistance for old crop contracts is about 30 cents higher, or near $7.
Cotton & Rice Date: March 05, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 400 at
8623 |
| |
Greenwood up
400 at 8623 |
| New York Futures: |
March |
up |
525 |
at |
9271 |
| |
May |
up |
400 |
at |
9223 |
| | July |
up |
400 |
at |
9359 |
| | Oct |
up |
386 |
at |
9448 |
| | Dec |
up |
326 |
at |
9318 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton made major gains after reports surfaced indicating India will ban cotton exports to China. That suggests the U.S. would benefit with larger potential for sales to China. This gave the market across the board gains. New crop December was not up the limit, but gave a good showing- bouncing off support around 90 cents and breaking a short term down trend. Resistance is still seen around 97 cents.
Rice
| Long Grain Cash Bid for |
March |
1254/cwt |
to |
- - - |
| |
NC |
1335/cwt |
to |
- - - |
| Chicago Futures: |
March |
down |
16 |
at |
1410 1/2 |
| | May |
down |
16 |
at |
1434 1/2 |
| | July |
down |
15 1/2 |
at |
1461 1/2 |
| | Sept |
down |
14 1/2 |
at |
1485 1/2 |
| | Nov |
down |
11 |
at |
1513 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures could not sustain Friday’s big move and ended the day lower. Trade has been locked in a narrow range within the broader range between $13.50 and $14.90. Poor export movement remains a key feature. Mill activity remains limited despite a price decline of over $150 per ton since last fall. Other origins are still priced as much as $100 per metric tonne below the U.S. The inability to sell to Iraq is a particularly sore spot, especially following the new specifications they implemented.
Cattle & Hogs Date: March 05, 2012
Cattle
As reported by Federal-State Market News, receipts were 890 head
at sales in Springdale and Ola.
Compared with last week, feeder steers sold firm to $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
210.50 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
183.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
171.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
189 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
157 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
158 |
to |
- - - |
Slaughter Cows, Boners 78 to 85
Light Weight 63 to 67
Bulls, Yield Grade 1
1000 to 2100 lbs. 86
to 96
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
400 |
to |
500 lbs. |
198 |
to |
219 |
| |
500 |
to |
600 lbs. |
190 |
to |
212 |
| Heifers |
500 |
to |
550 lbs. |
167 |
to |
185 |
| |
550 |
to |
600 lbs. |
164.25 |
to |
175.50 |
Chicago Futures:
| Live Cattle: |
April |
down |
155 |
at |
12840 |
| |
June |
down |
137 |
at |
12590 |
| Feeders: |
April |
down |
237 |
at |
15895 |
| |
Aug |
down |
187 |
at |
16215 |
Cattle Comment
Cattle futures were lower across the board. The dollar charted a bullish reversal last week, and that has traders worried about exports. Severe weakness in gold was also a factor.
Hogs
Peoria: were steady
at 57 to 59
| Chicago Futures: |
April |
down |
100 |
at |
8942 |
| |
June |
down |
100 |
at |
9850 |
Hogs Comment
Hog futures posted losses as well as gold broke through several levels of support today. April has uptrending support near $88.
Poultry Date: March 05, 2012
Eggs
| New York: |
Ex. Lg. 102-106; Lg. 100-104; Med. 77-81; |
| Chicago: |
Ex. Lg. 93-101; Lg. 91-99; Med. 69-77; |
National Turkeys
| Hens: |
8-16 lbs. |
101.52 |
| Toms: |
16-24 lbs. |
101.44 |
| |
|
|
Delmarva Broilers
U.S. Grade AWhole broiler/fryer prices are firm to mostly higher. Offerings of all sizes are light for current trade needs. Demand into all channels is moderate to good following the weekend. Market activity is active. In production areas, live supplies are moderate at mostly desirable weights